Yoox was particularly attracted to Net-a-Porter not only for its retail success but also for its editorial offerings with Porter magazine. "Editorial content has never been our strength or priority at Yoox," founder and CEO Federico Marchetti told The New York Times. "But it is very important for social media, which is driving millennial sales in the e-commerce space. Smartphones now make up 50 percent of the traffic on Yoox's websites."

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The new company will be called Yoox Net-a-Porter group. Together, their combined 2014 revenue is $1.4 billion, and they reach 24 million unique viewers monthly. The websites will remain separate, according to Marchetti, and Net-a-Porter will remain based in London. The merger is subject to final shareholder approval in September.

In the new group, Marchetti will be CEO, and Net-a-Porter chairwoman Natalie Massenet will be executive chairwoman. "Today, we open the doors to the world's biggest luxury fashion store," Massenet said in a press release announcing the merger. "It is a store that never closes, a store without geographical borders, a store that connects with, inspires, serves and offers millions of style-conscious global consumers access to the finest designer labels in fashion…Together, with our world-class teams in technology, logistics, content and commerce, we are redefining the fashion media and retail landscape. The best way to predict the future of fashion is to create it."

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